Loan Modification $3500 good risk????

dirtyd · #1 10-22-2008, 11:03 AM

What is the name of your state (only U.S. law)?

California

I heard ad on radio about loan modification. called Priority Lending. Talked to a liasion he told me I am a good candidate for loan modification based on hardships. Basically Priority hooks me up with Lawyers to make a case for a loan modification. It will cost me $3500 for the lawyers. I was told that is all that I will pay. Priority will not get any of the money they are just banking on me coming to them next time I refi or buy a new home. Basically what I do is collect all the bills I have car bill, insurance, pge, cable, credit cards, mortgage, ect.... I was told if all my expenses add up to more than 55% of my income I will probably be able to get my interest rate lowered and pay $500 - $900 lees on my current monthly payment. I also have to prove a hardship. I own the condo with my wife and my brother we each own 1/3. I recently lost my second job as a distributer and aquired $5000 debit in the process buying products that didn't sell. My brother is also now on unemployment as he is a sesonal worker. My wife and I are also getting divorced and we can't afford for one of us to move out right now because our mortgage payment is so high. My question is if anyone has experiance with this type of loan modification? Is $3500 a fair price for the lawyers? Is it a good risk to take? any input would be apreciated. Thanks!!

HUD-1 · #2 10-22-2008, 11:34 AM

Before you send off $3,500 to someone in the cayman islands that you never hear from again, do yourself a favor and talk to a HUD-approved non-profit housing counselor. They offer foreclosure/default counseling at NO COST. They can propose a loan mod to the lender if it is feasible. 1.800.569.4287 for an agency near you or search online at [url=http://www.hud.gov]Homes and Communities - U.S. Department of Housing and Urban Development (HUD)[/url]

dirtyd · #3 10-22-2008, 11:49 AM

Quote:

Originally Posted by HUD-1

Before you send off $3,500 to someone in the cayman islands that you never hear from again, do yourself a favor and talk to a HUD-approved non-profit housing counselor. They offer foreclosure/default counseling at NO COST. They can propose a loan mod to the lender if it is feasible. 1.800.569.4287 for an agency near you or search online at [url=http://www.hud.gov]Homes and Communities - U.S. Department of Housing and Urban Development (HUD)[/url]

My worries exactly!!! Thanks for the number I will be sure to call!! Have you ever heard of green credit solutions??? They are the ones I think I would be going through.

CraigFL · #4 10-22-2008, 12:57 PM

Check this out:

[url=http://www.ripoffreport.com/reports/0/218/RipOff0218583.htm]Rip-off Report: Priority Lending Firm, Angela Bennett, Anthony Cooper, Amber Graff, a Scam - Beware of Rip Off New York New York[/url]

dirtyd · #5 10-22-2008, 01:52 PM

Quote:

Originally Posted by CraigFL

Check this out:

[url=http://www.ripoffreport.com/reports/0/218/RipOff0218583.htm]Rip-off Report: Priority Lending Firm, Angela Bennett, Anthony Cooper, Amber Graff, a Scam - Beware of Rip Off New York New York[/url]

Thanks. I don't know if this is the same company. I will look into it.

dirtyd · #6 10-23-2008, 04:33 PM

I found out from HUD that this is a scam!!!!! I can get a loan modification without any upfront payments to lawyers actually no payments at all its free. I am going through a HUD recommended non profit company now they will get my bills income info and as my lender for loan modification it will cost me nothing. I am glad I looked into this. I learned that many mortgage companies are really hurting from housing crunch and are just praying on people who are already in a tuff situation. BEWARE of these scams!!!!!!